Bitcoin is trading inside a descending wedge. It has been trading without significant volatility for the past three weeks. In a long-term view, we believe we are approaching the bottom. We do not believe the price will break down from this descending wedge.
Highlights
- The cross between the 100- and 200-day moving averages (MA) will determine the direction of the trend.
- Currently, the MAs have made a bullish cross.
- There is support at $8000 and $8130.
- Bitcoin is following a short-term ascending support line.
Bitcoin Daily Analysis
The Bitcoin price is trading inside a descending wedge. The short-term 10- and 20-day MAs are in line with each other, so every short-term price movement causes a bearish or bullish cross. On the contrary, the 100- and 200-day MAs hold more importance. At the current time, they are both above the price and close to making a bearish cross.

Short-Term Movement
Looking at the short-term, we can see several things. First, the price is following an ascending support line and has been doing so since September 30. The line is currently slightly above $8000.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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